Then an example from one of our greedy customers: The roughly 30 apartments in 4 properties were inherited 8 years ago from a single owner to the three children. The rents were moderate, the tenants a mix of seniors, students, and young families. Since then, every new lease has been signed through a real estate agency; until then it was handled by our management. And of course, all as step rent contracts. The rents were adjusted to the rent index and “luxuriously renovated” through hastily botched refurbishments in the areas of staircases, bathrooms, and floors. New paint, new floors, new lamps, new mailboxes. Small apartments are gradually being merged. However, the building fabric is mostly pre-war standard or post-war emergency construction. 50-year-old aluminum windows, apartment doors partly even older. No insulation at all. Balconies are being torn down in some apartments instead of being renovated. The parking spaces have partly been rented out to surrounding offices. Investments are not feasible with the community of heirs. The perfect cash cow. The new tenants are young high earners, who now partly pay twice as much as the neighbors and move out every few years. We have some properties that are well maintained, where the owners behave responsibly. Where good cleaning and caretaker companies are used, not exploiters and shady arrangements. But in recent years almost every inheritance case and the associated change of ownership turned out to be disadvantageous for the tenants. We have also lost some properties this way because my boss speaks up when too much focus is put on yield. For this, we increasingly have more small landlords who do not want to take care of the rented properties themselves, as it simply becomes increasingly complicated.